I DO and Bad Credit

birmingham red bride100dpiIt’s been so exciting planning the Special Day!  You had a beautiful wedding, the guest celebrated with you, the cake was eaten, the limo whisk you off for the beginning of a relaxing honeymoon, but wait…what about your credit!

After the honeymoon the real fun begins-starting your life together. From a financial standpoint, that involves exciting stuff like buying a home and trading in your sports car for a minivan (okay, maybe not everyone thinks minivans are exciting).

Your FICO scores are a big part of many of your financial decisions now that you are a couple.  Here are a few important facts regarding your FICO scores.

  • You both have individual FICO scores.  You do not have a joint score.
  • When applying for a loan and stating both incomes, the lender will only look at your individual scores when evaluating your loan application.
  • Joint accounts, such as  credit cards or auto loans will affect both of your scores

pink-house-hi When applying for a home loan lenders look at the three FICO scores from Experian, Equifax and TransUnion and your middle score is the score that your approval is based on.

Let’s say that Bob and Sue are married.

  • Bob has poor credit and Sue has good credit.
  • Bob makes more money than Sue.
  • Sue’s income qualifies for a 100K home and Bob’s income qualifies for 300K home, but they want to purchase a home for 375K.
  • Bob would not qualify for a loan because of his low scores.
  • Sue’s credit would qualify her for any home providing that her income is sufficient, but all that she can purchase is a 100K home.
  • Sue can NOT use his just his credit and just her scores.
  • Bob can not use just her credit and just his income.

So what can Bob and Sue do so that they can purchase the home of their dreams?

Call reScore Solutions!  We can evaluate Bob’s credit reports at no charge and identify the accounts, collections and overall credit to be repaired, deleted or paid.  We can save you money using our techniques in getting your credit scores lender-ready.

Watch video by clicking link below and see how Bob get’s started on getting his credit back on track.

http://www.kirkpatrickassoc.com/Services.html

Marriage and credit score myths.

  1. Our credit reports will merge together when we get married.   NO
  2. Marriage will lower my credit scores.  NO
  3. When I change my last name my credit history will be erased or deleted.  NO
  4. My spouses poor credit will hurt my credit scores.  NO
  5. I will automatically become a joint user or authorized user of my spouse’s accounts. NO
  6. You will be responsible for your spouse’s previous debt.  NO
  7. Being unemployed while raising children will damage my credit score.  NO
  8. Having a good job improves my credit score.
  9. My spouse filed Bankruptcy and now my credit will be ruined too.  NO
  10. Since we are married, any loans or accounts that we get must be a joint account.  NO
  11. Whew!!  I don’t have to worry about my spouse’s credit.  NO.  This will affect you when you want to purchase a home or other large purchase that both incomes will be needed to qualify.  If you are a co-signor on any accounts or loans with your spouse, you are equally responsible for those obligations as your significant other. Any mishaps, such as a missed payment, will reflect poorly on both of your credit reports.  

So while you were reading the credit score myths, Bob’s credit was repaired and his credit scores are improved.

Being that Bob’s credit is repaired they can now buy the home that they need.  Bob and Sue are now happy and recommend reScore Solutions to their friends and lived happily ever after.happy couple glad their credit is repaired

 

Got the Monday Blues? ( a tribute to my friend Lisa Crouse)

That’s right, today is Wednesday, but believe it or not millions of people have a “Monday phobia”.  It’s brought on by many reasons.  Difficult to cover all those reasons since I really don’t know them all, but I do know that people dread waking up, getting up and/or going to their workplace on MONDAYS!!  It’s a drag and many people would rather have the hangover they had the prior week-end than to have to face the reality of the week or the so-called “rat race”.

Many people just hate to work.  Me, on the other hand, I love to work.  I’ve even worked for a company for free. Yes, you heard it right..  I asked to intern.  I wanted to learn more and I showed up 3 to 4 days a week, working approximately 20 hours a week.  But, that’s another story.

I just don’t understand, for the most part, why so many people don’t enjoy their jobs or better yet, any job.  Seems like having too much idle time would get mundane after a week or so. Or, at least it does for me.  But that’s another story. So back to Wednesday.  It’s HUMP DAY.  You know, that day you have been waiting for, that shouts that the week-end is so near.  Not really sure why the week-end is supposed to be so much better than Monday through Friday, but for many people it’s the time they can mentally check out, party with their friends, lay on the couch and watch television, recover from the hang-over headache, kids sports, just dedicated time with family and for all the other activities there is Mastercard. So while I do understand that the week-ends or our days off from work, play a significant importance in our life and thus creating memories, I believe that our society misses the importance that work plays in the fabric of our beings and who we are.  Even when one enjoys their career I still can’t help but notice they regularly anticipate those two days they don’t have to be employed.

You may be wondering what has caused the bee in my bonnet.  Well that bee has been there many years.  Back to the reason at hand.  My good friend, Lisa Crouse, was laid to rest yesterday, May 12, 2015 less than one month after her 50th birthday.  She and I are the same age and met through mutual friends in 2004.  Although she lived in Gulf Shores, Alabama and I live in east of Birmingham, Alabama, we were able to meet up a couple of times when I was in her area and they visited Birmingham on a regular basis as part of the Jeremiah Castille Foundation as ministry partners. Lisa had a beautiful spirit, a dedicated and wonderful husband, Drew Crouse, and two talented and beautiful grown daughters.  She gave so much and I am blessed to have not only have known her, but more than that, we were friends. I can’t help but to believe that she would love and cherish another Monday here among us, with her husband, her children, church friends, and at the very least, just to get to do a job.  Monday’s would mean the world to Lisa, Drew and their family and friends.  Wow!  All the plans they would be making for a wonderful Monday. They would not be dreading Monday’s.  In fact, their last week-end was her spent in the hospital, fighting for her life.

If there is one thing I could encourage you to do is love life, love people and love each day of the week.  Each day is a gift, given to us by our heavenly Father.  Think of each day of the week as a “The Parable of the Talents” in Matthew 25. Although that was speaking of money, let’s equate it to days of the week.  Each one of us have been blessed with so many years, weeks and days in our life.  Some have been blessed with years, some with weeks and some with days, while many only receive hours or seconds.  Regardless, it’s what we do with it that matters.

Lisa blessed others.  She was given 50 years, 9 days, 4 hours and 55 minutes.  During that time, she loved God, her husband, her children and her family and friends. I will be forever affected with her infectious laugh and smile. Remember, that when you aren’t looking forward to next week there is an alternative escape route, but for most people, you would not choose it.  Love life, love God!  Find a way to be re-energized.  The reality of it is your perspective regarding life.  When you minutes are over and your funeral is finished, what will the Master say to you.  “Well done?” or “Depart from me”?

The life of Lisa Crouse
The life of Lisa Crouse

lisa letter  A note written by Lisa Crouse.